Virtual Reality In Retail Market To Reach $23.69 Billion By 2030

Virtual Reality In Retail Market Growth & Trends

The global virtual reality in retail market size is expected to reach USD 23.69 billion by 2030, expand at a CAGR of 28.0% from 2023 to 2030, according to a new study by Grand View Research, Inc. Virtual reality is transforming the retail market by providing an enhanced customer experience and overcoming physical limitations. By offering immersive and interactive shopping experiences, VR allows customers to visualize products in 3D, try them on virtually, and explore realistic environments. This technology enables retailers to showcase their entire product catalog in a virtual store, eliminating space and inventory constraints. The result is an engaging and convenient shopping experience that increases customer satisfaction and loyalty, driving the adoption of virtual reality in the retail market.

Moreover, the integration of Artificial Intelligence (AI) with virtual reality headsets provides growth opportunities for virtual reality in retail market as it helps in motion tracking with the help of a camera and blends in seamlessly with the user’s perspective. In addition, with the help of a retail store web-based and mobile-based application, customers can plan their upcoming store visits. This application also offers specific product locations in offline stores, which makes it convenient for customers to continue their purchases. This, in turn, is driving the virtual reality in retail market growth over the forecast period.

Several companies operating in the virtual reality in retail market focus on launching new products and offerings to enhance user experience with the help of partnerships to attract a more extensive customer base and strengthen their foothold in the industry. For instance, in September 2022, Bloomingdale's Inc., an American luxury department store chain, launched their virtual store in celebration of their 150^th anniversary along with offering 360-degree views of products. This, in turn, is expected to propel the virtual reality in retail market growth over the forecast period.

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Virtual Reality In Retail Market Report Highlights

• Based on the component segment, the software segment is expected to record the highest CAGR over the forecast period, owing to the ongoing innovations and technological developments in the virtual reality in retail market

• Based on the device segment, the gesture tracking device segment is expected to register a significant growth rate over the forecast period, attributed to the increasing adoption of gesture tracking technologies, such as hand tracking and motion sensors

• Based on the application segment, the advertising & marketing segment is expected to witness a significant revenue share in the coming years. This is attributed to the growing trend of brand differentiation, increasing market presence, improved product visualization, targeted campaigns, and valuable insights in companies

• Based on the vertical segment, the food and beverage segment is expected to record a considerable CAGR, owing to the emergence of virtual dining experiences

• The European region is anticipated to exhibit the fastest CAGR, owing to the presence of numerous notable fashion brands that are implementing virtual reality to enhance the customer experience

Virtual Reality In Retail Market Segmentation

Grand View Research has segmented the global virtual reality in retail market based on component, device, application, vertical, and region:

Virtual Reality In Retail Component Outlook (Revenue, USD Million, 2018 - 2030)

• Hardware

• Software

• Services

Virtual Reality In Retail Device Outlook (Revenue, USD Million, 2018 - 2030)

• Head Mounted Devices

• Gesture Tracking Device

• Projectors & Display Wall

Virtual Reality In Retail Application Outlook (Revenue, USD Million, 2018 - 2030)

• Information Systems

• Advertising & Marketing

• Try-on Solutions

• Planning & Designing

Virtual Reality in Retail Vertical Outlook (Revenue, USD Million, 2018 - 2030)

• Food & Beverage

• Home Products

• Clothing

• Consumer Electronics

Virtual Reality in Retail Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• South America

  • Brazil

  • Argentina

• Middle East & Africa (MEA)

  • Saudi Arabia

  • South Africa

List of Key Players of Virtual Reality In Retail Market

• Visualise Creative Ltd.

• VREI

• Panedia Pty Ltd

• Fieback Medien

• FireBirdVR

• FXGear Inc.

• Koncept VR

• Matterport, Inc.

• Subvrsive, Inc.

• VIAR

• WeMakeVR

• Scapic Innovations Pvt. Ltd.